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Updated over 12 years ago on . Most recent reply
Tricky Mortgage Question
I am trying to obtain a mortgage on a 200k house, but I only have 10k saved.. I would love to save that 10k + empty creditcards to do a little fixer upper on the house.
The thing is. I don't want to get an FHA loan. I want to make it a rental property so I want a conventional loan which is requires 20% meaning 40k.
These days banks don't give 100% financing correct?
Now the question after thinking.. and thinking.. and thinking...
What if i was to do a "partial seller financing" for the 20% and get a loan for the remaining 80% of the money which is 160k. If the house is appraised at 200k, will the bank back me the 100% of the 160k needed to buy the house?
Hope that made sense.
Regards,
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#3 Guru, Book, & Course Reviews Contributor
- Investor, Entrepreneur, Educator
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No, it did not make since! Ay all, selling an interest to buy? Please try again..... :)